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2014 (5) TMI 597 - SC - Income TaxDuty Entitlement Pass Book (DEPB) benefits – Deduction u/s 80HHC of the Act – Held that:- Following Topman Exports Vs. Commissioner of Income-Tax [2012 (2) TMI 100 - SUPREME COURT OF INDIA] - where the export turnover of an assessee exceeds Rs.10 crores, he does not get the benefit of addition of ninety per cent of export incentive u/s 28(iiid) to his export profits, but he gets a higher figure of profits of the business, which ultimately results in computation of a bigger export profit - a subject will be liable to tax and will be entitled to exemption from tax according to the strict language of the taxing statute and if as per the words used in Explanation (baa) to Section 80HHC r.w. section 28(iiid) and (iiie), the assessee was entitled to a deduction u/s 80HHC on export profits, the benefit of such deduction cannot be denied to the assessee - The AO is directed to compute the deduction u/s 80HHC of the Act in accordance with the observations of Topman Exports – Decided in favour of Assessee.
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